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Mar 31, 2020
McEwen Mining Q1 2020 Earnings Report
McEwen Mining reported first quarter results, implemented rigorous health and safety measures to prevent the spread of COVID-19, and temporarily suspended mining operations due to the pandemic.
Key Takeaways
McEwen Mining Inc. reported its first quarter results for the period ended March 31, 2020. Operations were impacted by the COVID-19 pandemic, leading to temporary suspensions at several mines. An impairment charge of $83.8 million was recorded due to a reduction in contained ounces at the Gold Pick deposit.
Attributable production from San José was 14,900 GEOs, with mining temporarily suspended due to a nationwide quarantine in Argentina.
Black Fox production was 8,300 GEOs, with operations temporarily suspended due to the COVID-19 pandemic.
Gold Bar produced 9,100 GEOs, but operations were scaled back due to COVID-19 concerns and an impairment charge was recorded due to a reduction in contained ounces at the Gold Pick deposit.
El Gallo continued residual leaching, with incremental costs of $2.8 million, though operations were limited by a temporary closure order in Mexico.
Forward Guidance
2020 production guidance has been withdrawn until the situation stabilizes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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